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The European Commission issued a report yesterday stating that Lithuania is ready to join the eurozone as of January 1, 2015. The Commission's recommendation now goes to the other Euopean member states for their approval, which is expected in July.

Lithuania is the only state to have been previously rejected for euro membership in 2006 when it could not hit target inflation rates. Lithuania has hit all its targets this time around. The other two Baltic states, Lavtia and Estonia, are already members of the eurozone.

Lithuania is likely the last new member of the eurozone for several years. Romania has begun the process, but is unlikely to meet membership targets and join the eurozone until at least 2019.